All categories

4 years ago

How to do a journal entry in accounting

Business

1 answer:

Dovator [93]4 years ago

8 0

Answer:

You should "Debit" one account in your general ledger and "Credit" another.

Explanation:

Example - you receive an invoice from your vendor for $100,000 (assuming non-VAT transaction). Your journal entry would look the following:

Debit: Expense $100,000

Credit: Accounts Payable $100,000

You might be interested in

1-When would high Do you think making employees happier at work is a good way of motivating people? When would high satisfaction

Dominik [7]

Answer:

DAYTON, Ohio -- For decades, employees and employers alike have followed the motto that job satisfaction determines job performance. Not so, according to a new study by Wright State University.

Nathan Bowling, an assistant professor who specializes in industrial and organizational psychology, said three decades of data derived from thousands of employees in a cross-section of jobs -- blue collar and white collar -- prove that although job satisfaction and job performance do correlate, one does not cause the other.

Even researchers, Bowling said, get confused about how the two things connect.

"On days when ice cream sales are high, the number of crimes committed will also tend to be high, but this doesn't mean that ice cream sales cause crime," he said. "Rather, ice cream sales and crime are related because each is the result of the outdoor temperature. Similarly, satisfaction and performance are related because each is the result of employee personality."

By personality, Bowling pointed to such characteristics as self-esteem, emotional stability, extroversion and conscientiousness.

Studies, Bowling said, show that employees who have an overall negative attitude to all things in life likely won't find job satisfaction, regardless of performance, because of their personality characteristics.

"Emotional stability matters a lot," he said. "People who are neurotic, those who tend to be anxious, depressed ... typically won't find satisfaction no matter how many jobs they try."

The same goes for those with low self-esteem, he added. Studies show that employees with high self-esteem tend to be more satisfied with their jobs than those who do not have that level of confidence.

"Simply put, workplace interventions designed to improve performance by exclusively targeting employee satisfaction are unlikely to be effective," Bowling said.

So how can you have both?

"There are ways to select employees who will be successful," Bowling said. "Studies show that intelligence is one of the things that drives the performance."

He said solid performing employees also exhibit a high level of conscientiousness -- those who are detail-oriented and hard workers and who set goals.

7 0

3 years ago

Five Card Draw manufactures and sells 24,000 units of Diamonds, which retails for $180, and 27,000 units of Clubs, which retails

Darina [25.2K]

Question Completion:

Find the gross profits for Diamonds and Cards

Find the total gross profit

Answer:

Five Card Draw

Diamonds Clubs Total

Gross profit $1,632,000 $1,188,000 $2,820,000

Explanation:

a) Data and Calculations:

Diamonds Clubs Total

Units manufactured and sold 24,000 27,000 51,000

Retail price $180 $190

Sales revenue $4,320,000 $5,130,000 $9,450,000

Direct materials cost per unit $25 $30

Labor rate = $25 per hour

Direct labor hours per unit 3 4

Total direct labor hours 72,000 108,000 180,000

Estimated overhead = $720,000

Predetermined overhead rate = $4 ($720,000/180,000) per DLH

Overhead allocation $288,000 $432,000 $720,000

Total direct materials costs $600,000 $810,000 $1,410,000

Total direct labor costs $1,800,000 $2,700,000 $4,500,000

Total costs of production $2,688,000 $3,942,000 $6,630,000

Income Statement:

Diamonds Clubs Total

Sales revenue $4,320,000 $5,130,000 $9,450,000

Total costs of production $2,688,000 $3,942,000 $6,630,000

Gross profit $1,632,000 $1,188,000 $2,820,000

3 0

3 years ago

Business support systems ____. simulate human reasoning by combining a knowledge base and inference rules that determine how the

djyliett [7]

Answer:

The correct answer is Provide job-related information support to users at all levels of a company

Explanation:

Business collaboration systems (ERP) are one of the most used types of information systems. They help the managers of a company to control the flow of information in their organizations.

It is one of the types of information systems that are not specific to a specific level in the organization, but provide important support for a wide range of users. These information systems are designed to support office tasks such as multimedia systems, emails, videoconferences and file transfers.

7 0

3 years ago

If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 t

Stells [14]

Answer:

110

Explanation:

The computation of the price index is presented below:

= (Cost of purchase those identical goods in 2015) ÷ (Cost to purchase the items in 2014) × 100

= ($11,000) ÷ ($10,000) × 100

= 110

We simply applied the above formula so that the price index could come by considering the cost of 2014 and cost of 2015

5 0

4 years ago

Under the Commerce Clause, Congress regulates mainly interstate Commerce.

nata0808 [166]

Is this true or false?

6 0

3 years ago

How to do a journal entry in accounting​

How to do a journal entry in accounting